Ethereum completed a golden cross against Bitcoin on its short-term chart, with the market now watching for a potential comeback. The MA 50 rose above the MA 200 after a crossover on the hourly chart.
This follows a recent run of outperformance by Ethereum, which has rallied versus Bitcoin since bottoming at 0.025 on June 6. Fresh ETF inflows and rising on-chain activity, especially through Robinhood’s new Layer 2 chain using $ETH as its native gas token, have helped Ethereum outperform Bitcoin recently.
The outperformance can be seen in a golden cross developing on the hourly chart. Ethereum bounced from its June lows after a multi-week decline that started in mid-April. After consolidating for a while, Ethereum had a breakout above 0.027, which corresponds with the daily MA 50. Ethereum has traded below the daily MA 50 since April 23.
can i say something? pic.twitter.com/ilicgrHyYD
— Alex Thorn (@intangiblecoins) July 12, 2026
Galaxy’s Head of Research, Alex Thorn, highlighted Ethereum’s price action against Bitcoin in a recent tweet, saying, “Can I say something?”
Is momentum back?
Ethereum has been in a downward trend since the start of 2026, having begun the year with a death cross on the $ETH/$BTC daily chart.
Galaxy Head of Research Alex Thorn called attention to this signal at the year’s start, as reported, which went unnoticed in the market, possibly due to the optimism with which cryptocurrencies began the year.
Now, with several months of underperformance, traders are watching for a price bottom on the $ETH/$BTC chart. This is significant as most altcoins’ outperformance has often coincided with a rising $ETH/$BTC ratio. This is because traders are willing to take more risk when Ethereum outperforms Bitcoin, and vice versa.
The RSI across various timeframes has rebounded from oversold levels to neutral or positive, but a price reversal cannot be confirmed yet.
